Wells Fargo agrees to pay millions in settlement
Some Wells Fargo customers are about to get unexpected checks in the mail. The bank has agreed to pay $19.5 million to settle a class-action lawsuit that claimed it illegally recorded phone calls in California without telling the people on the line.
The case involved both individual customers and businesses, many of whom said their calls were recorded by The Credit Wholesale Co Inc., a sales company that worked with Wells Fargo. The Credit Wholesale Co sold credit card processing equipment and services on behalf of Wells Fargo and Priority Technology Holdings Inc.
While the companies did not admit to any wrongdoing, they agreed to settle the case to avoid further legal battles and expenses.
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Who is eligible for a payment
The settlement applies to California residents who received a phone call from The Credit Wholesale Co Inc. between October 22, 2014, and November 17, 2023.
To receive a payment, eligible customers had to submit a valid claim form by April 11, 2025. Those who did so can now expect to receive their share this October.
Payments will vary depending on how many calls were made to each claimant during the time covered by the lawsuit. On average, each call is worth about $86, and a person could receive up to $5,000 in total compensation.
For example, if someone received 10 qualifying calls, they could get around $860. However, the total payout for any one person will not exceed $5,000.
How the payment process works
People who filed claims and provided proof of the calls will be among the first to receive checks. The settlement administrators have not yet confirmed whether payments will be given out equally or proportionally based on the number of calls.
Those who qualified do not need to take further action; checks are expected to arrive automatically this month.
If you missed the filing deadline, you unfortunately won’t be able to join this payout. However, other banking-related settlements may still be open in the future.
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Wells Fargo’s new fee changes are also coming soon
While some customers will be receiving money, others could soon face higher banking fees. Wells Fargo recently announced a $5 increase in its monthly service fee for Everyday Checking accounts.
Starting November 29, 2025, the monthly fee will rise from $10 to $15.
However, there are a few ways customers can avoid the charge. The bank allows account holders to waive the fee if they meet one of the following:
- Receive $500 or more in eligible electronic direct deposits each month.
- Maintain a daily balance of at least $1,500.
- Be a primary account owner aged 17 to 24.
- Have a qualifying non-civilian military direct deposit through the Wells Fargo Worldwide Military Banking program.
- Hold $5,000 or more in combined deposit and investment balances.
These rules give customers some flexibility to keep their accounts free of monthly fees.
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What customers should know
This settlement adds to a growing list of legal and financial adjustments involving Wells Fargo over the past few years. The bank has faced several lawsuits related to account practices, service fees, and call handling.
If you were a California resident who received sales calls from The Credit Wholesale Co Inc. during the covered period and submitted a claim form earlier this year, keep an eye on your mailbox—your check could be worth hundreds or even thousands of dollars.
For everyone else, it’s a good reminder to watch out for settlement deadlines and to always review the fine print on account fees, especially with upcoming changes in November.
Wells Fargo says customers can find more details about the new fees and eligibility rules in the Monthly Service Fee Summary section of their account statements or on the bank’s website.
In short:
Eligible Wells Fargo customers in California could receive checks up to $5,000 this October after the bank settled a $19.5 million lawsuit over recorded phone calls. But at the same time, all account holders should prepare for higher monthly checking fees coming later this year.
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